He said the government would not only mine the minerals to boost export earnings but add val­ue along the minerals value chain with other sectors of the economy.

President Akufo-Addo (sixth from right) with the officials of UAE during the Business Forum

Addressing the UAE-Ghana Business Forum held on Tuesday, on the sidelines of the Abu Dhabi Sustainability Week, President Akufo-Addo described mining as a key pillar of Ghana’s economy and invited UAE investors for partner­ship.

“The potentials created offer considerable opportunities for UAE investors, who possess the capacity to generate the value-add­ed benefits, especially through the government’s local value-addition and processing drive, to partner Ghanaian companies in converting their natural comparative advantage into an enhanced, more valuable, sustainable and competitive advan­tage,” he said.

President Akufo-Addo told the gathering that gold was both a commodity and a financial asset and, by far, the most commer­cially exploited mineral in Ghana, accounting for more than 90 per cent of the country’s mineral revenue.

“Indeed, in recent times until 2021, Ghana was the largest producer of gold in Africa and was sixth in the world. We are also major producers of bauxite and manganese, and are, indeed, the third largest producer of these two minerals in Africa,” he said.

The President mentioned how recently, Ghana’s addition to the list of few countries that have made significant discoveries of lithium, graphite and iron ore in significant quantities.

“Ghana is also working towards the net zero emission target, and collaborating with other relevant stakeholders in employing cli­mate-friendly technologies and practices, to achieve the maximum developmental impact for the country,” he said.

In spite of the country’s present challenges, President Akufo-Addo said the country remained the best place to do business in the region and urged the private sector in the UAE to take advantage of the business-friendly climate.

“Regardless of where you choose to invest in Ghana, Gov­ernment has instituted a number of fiscal incentives for the inves­tor, depending on the nature of the activity or the location of the investment,” he said.

Since 2017, the President said the government had put in place measures in place to reduce the cost of doing business, and im­prove the business environment, making Ghana one of the fastest growing economies in the world between 2017 and 2020.

He assured the investors that the government working to restore the nation onto the path of high growth rates experienced prior to the onset of COVID-19 and the Russian/Ukraine war.

President Akufo-Addo said: “I am confident that we will emerge from this with a stronger and more resilient economy, and advance towards our goal of reaching a Ghana Beyond Aid.

“Not only is Ghana the best place for doing business in West Africa, but she is also the preferred destination for a perfect blend of mineral resource potential, stable regulatory environment, favourable fiscal regime, and socially respon­sive mining in Africa.”